I don't think such a server would see that much traffic, so someone could probably host it off a decent cable connection, but then abuse and vandalism becomes a real issue since there's nobody around to watch everything.
If you set one up, I suggest putting the minecraft server's files under version control and scheduling automated, 30-minute commits. That way if abusive users (griefers) show up to destroy things, you can just roll back their changes.
It'd also be a good idea to write a script to read the map files and compare them to see if there's been a significant disappearance of blocks or the creation of a lot of strange holes, since you can use that to automatically notify admins that someone's destroying a lot of stuff.
